4 3. 13. T, F. GASB Statement No. 33 Accounting and financial Reporting for Non-exchange Transactions provides a very useful guide as to when to recognize revenue in government-wide financial statements 14. Under the modified accrual basis of accounting, revenues cannot be recognized a. Until cash is collected b. Unless they will be collected within 60 days c. Until they are subject to accrual d. Until they are measurable and available e. None of the above. 15. "Available" (as in measurable and available") means a. Available to finance expenditure of the current period b. Subject to accrual c. Collectible d. Available for appropriations e. None of the above PART II SHORT PROBLEMS (60 Points) 1. For the Fiscal Year 2017, Twin City levied $500 million in property Taxes. It collected taxe applicable to the City as follows: June 1, through September 30, 2017 $20 million October 1 through November 30, 2017 $460 million December 2017 The City recognizes that $10 million will not be collectible. $ 10 million quired: Provide the Journal Entries to record the Estimated Property Taxes Receivable and the associated accounts. Provide the Journal Entries to record the Cash Receipts for property taxes from June to December, 2017 b. c. How much should Twin City report as Property Tax Revenue in its General Fund? Public Independence School District issued $100 million general obligation bonds to finance the construction of a New High School with modern facilities. The bonds were issued at a premium of $600,000. 2. Required a. Prepare the Journal entries to record the issue of the Bonds in the General Fund